News Alert: United States of America: Information regarding stimulus checks from the COVID-19 Economic Impact Payments.

By: Zachary Lopez (ZachNews):

Source: United States Department of Treasury and Internal Revenue Service (Information):

United States of America: The United States Department of Treasury have begun issuing stimulus checks as part of the COVID-19 Economic Impact Payment.

In late March 2020, the federal government passed a $2.2 trillion stimulus bill intended to give economic impact payments directly to American citizens during the COVID-19 pandemic.

This payments comes as a record more than 16.6 million Americans have filed for unemployment in just three weeks, that’s roughly one in 10 workers have lost their jobs in just the past three weeks as result of the COVID-19 pandemic.

Here’s some information regarding the COVID-19 Stimulus Check payments.

*** Who Gets A Stimulus Check? ***

The following people will receive a stimulus check automatically:

– You are a U.S. citizen or permanent resident who filed federal income taxes for 2018 or 2019 if you meet the income thresholds;

– You receive Social Security retirement, disability (SSDI), or survivor benefits; or

– You receive Railroad Retirement benefits.

*** How much money can I get? ***

The amount of your stimulus check depends on your adjusted gross income, as indicated on your federal tax return, subject to income thresholds:

– Individuals: $1,200

– Married Couples: $2,400

– Dependent Children: $500 (must be less than 17-years-old)

*** What are the income thresholds? ***

There’s no minimum adjusted gross income threshold, bur there’s a maximum income threshold, and your stimulus check amount phases out (gets reduced) by $5 for every $100 above certain income levels based on your tax filing status.

If your adjusted gross income is less than this amount, you will get a stimulus check for $1,200 (or $2,400 for married couples filing jointly):

– Single Filer: $75,000

– Head of Household: $112,500

– Married/Joint Filer: $150,000

*** Who is not qualify for a stimulus check?: ***

If your income is greater than these amounts, you will not get a stimulus check:

– Single Filer: $99,000

– Joint Filer (no children): $198,000

*** When do I get my stimulus check? ***

The first checks were sent via direct deposit to taxpayers who provided their direct deposit information on their 2018 or 2019 federal tax return.

The process was to begin starting on Monday, April 13th, 2020, but there’s been reports of Americans getting their checks directed deposited into their bank over the Easter weekend.

Most direct deposits should arrive by Monday, April 14th, 2020; please check your bank account to learn if your deposit has arrived.

If you did not provide direct deposit information, a paper stimulus check will be mailed to you.

The IRS will start sending paper stimulus checks beginning Friday, April 24th, 2020.

Approximately 5 million checks are expected to be mailed each week, starting with taxpayers with the lowest adjusted gross income.

Therefore, paper checks could take several months between May 2020 and September 2020 (depending on your adjusted gross income) to arrive.

On Friday, April 17th, 2020, the Internal Revenue Service will release a new online tool called Get My Payment, which will also enable you to input your direct deposit information to get your stimulus check faster.

You can access the Get My Payment website at the following Internal Revenue Service website at:

https://www.irs.gov/coronavirus/get-my-payment

***

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